Donald Trump on Friday announced an oil agreement with Venezuela.
The deal would increase American access to crude, expand supplies and eventually bring down gasoline prices, the US President said.
Trump, in a social media post, announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defence Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez. Earlier reporting noted: Trump in a social media post announced the agreement he said was negotiated by Secretary of State Marco Rubio, Defense Secretary Pete Hegseth and Venezuela’s interim President Delcy Rodriguez. Venezuelan interim President Delcy Rodriguez welcomed the agreement, saying it would bring major revenues to the country’s treasury. The venture will involve the US government and a private operator in Venezuela.
Trump said the US secured majority control of more than 65 billion barrels of Venezuelan oil reserves through a partnership involving the government and private businesses. The official said Venezuelan interim President Delcy Rodriguez, with US support, has granted the private company 100-year concessions to operate the oil fields. Earlier reporting noted: U.S. has entered deal with Venezuela to take control of 65 billion barrels of oil reserves, says Trump President Donald Trump on Friday (August 28, 2026) said the U.S. has entered into an agreement with Venezuela to take control of 65 billion barrels of the South American country’s oil reserves.
“At my direction, Secretary of State Marco Rubio, and Secretary of War Pete Hegseth, working closely with Highly Respected Interim President of Venezuela, Delcy Rodriguez, and, through a partnership with private business, have secured majority US control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer,” Trump wrote on Truth Social. The US government has secured more than half the value of the new company through equity ownership and guaranteed purchases of oil at cost, the official said. “The United States Government has secured more than half the value of this new oil giant, split between equity ownership and guaranteed at-cost off-take,” the official said, as per CNN.
Earlier reporting noted: Mr.
Rodriguez said the oil deal was expected to generate $209 billion for Venezuela’s treasury, according to Reuters.
